07.11.2012 - Sri Lankan Islamic banking forecasts six-fold growth
Amana Bank, Sri Lankaís only full-fledged Islamic lender, plans to double its branches by expanding in rural areas, forecasting a six-fold growth in demand. The company, which started in August 2011, will add five outlets this year to its existing 14 and nine in 2013, Colombo-based chief executive officer Faizal Salieh said. Sri Lankan Islamic banking assets could reach $1.5bn from $250mn now, he added, without specifying a timeframe. Amana posted a net profit of 178mn Sri Lankan rupees ($1.4mn) in the nine months through September and had assets of SLR18bn, according to Salieh.Amana is targeting unbanked individuals and the small-to-medium sized enterprises that are driving the nationís growth, Salieh said...............................................Full Article: Source
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